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Author: Roger AdamsDate: 2021-06-30

EasyJet (EZJ) -0.80% but Credit Suisse predicts recovery in 2022

EasyJet (EZJ) closed lower on Tuesday, but Credit Suisse believes that the airline could be a surprise package in 2022 if vaccination programmes pave the way for a rise in bookings.

EasyJet (EZJ) and Ryanair (RYA) both traded lower on Tuesday even though Credit Suisse said that airlines could bounce back in 2022 if vaccination programmes in Europe keep pace.

The aviation and travel industry has been decimated by the pandemic, and despite optimism about a relatively normal summer season earlier in the year, uncertainty now persists in the UK.

Analysts at Credit Suisse believe that EasyJet, Ryanair and Wizz Air (WIZZ) will all continue to struggle in 2021.

In a new update, the investment bank widened its loss forecasts for all three airlines but struck a more hopeful tone for the long term.

Credit Suisse reiterated its outperform rating for EasyJet and saw no reason to update its guidance for next year just yet.

However, it does now expect the low-cost, Luton-based airline to come in with a £1.17bn loss for the year, which is an increase from the previous figure of £900m.

Much depends on the recovery of the sector during the remainder of the year, with Credit Suisse noting that meaningful bookings for intra-EU routes could reduce EasyJet’s £2bn debt.

The airline expects to return to two-thirds of its traditional schedule during Q4 and that advance bookings could generate significant revenue.

Growing demand for short-haul flights also has the potential to boost profit-per-seat.

Credit Suisse concluded that EasyJet may be a surprise package next year if some of the more positive trends hold.

Despite a brief rally during the morning on Tuesday, EZJ finished the session down 0.80% at 892.40p.

Ryanair also retreated 1.70% to €15.57 in London, while Wizz Air declined 3.06% to 4,600.00p.

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